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Bitcoin 101 – How To Get Started 2019

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You’ve heard about BItcoin.  Maybe a friend or family member has said over and over “You have to invest in Bitcoin!” But no matter what you hear, it’s not really clear to you what it is or why people are making such a big deal about it.

Today is your lucky day.  After you spend just a few hours, reading and/or listening to the resources in this post, you”ll understand why Bitcoin is important for you and your family.

As they say, “fortune favors the prepared mind.”

There’s a lot of noise out there.  This post will save you countless hours as I point you to the right people that are doing an amazing job in helping people grasp what Bitcoin is and its revolutionary role in reshaping society.

Mainstream media, on the whole, is not doing a good job of educating people about Bitcoin. Reporters who are very confused about Bitcoin themselves incite fear and suspicion about the cryptocurrency.  Even some experienced investment managers are in the dark about it.

It’s common in human nature to fear, or at least be suspicious, of what we don’t understand.  But ignorance doesn’t make something a scam.

What Is Bitcoin?

Bitcoin can be described as…:

  • Digital money that is a medium of savings.
  • Digital gold that has advantages over gold as it’s more scarce, divisible and much more easily transportable.
  • A network that allows people to move money anywhere in the world–instantaneously & at a fraction of the cost of traditional banks.

I believe the most important aspect of Bitcoin at this time is its role as a medium of savings. Its finite supply and increasing demand  makes it an outstanding store of value.  It very likely could be the best savings plan you ever had, and the best “sound money” that society has ever had.. Year-to-date, Bitcoin has outperformed every asset class such as crude oil, US real estate, tech stocks, global stocks and gold,.

That alone should motivate you to find out more!  .

Given that cryptocurrency is going to revolutionize the world even more than the Internet did, you owe it to yourself and your family to learn about it before passing judgment!    

Cryptocurrency is the future. Governments, major banks, tax authorities, stock exchanges, and even central banks are moving towards crypto. 

Once you get at least a basic understanding of what Bitcoin is, then I suggest that you consider investing in Bitcoin (BTC). 

If you decide to buy crypto, invest for the long-term —several years.  Long-term investors in Bitcoin (“HODLRS”) don’t worry about the ups and downs of its price because they understand the fundamentals and the future of Bitcoin.  It will continue to be volatile until it matures into its next phase of a unit of account.

ENJOY reading and/or listening to the amazing resources below. You absolutely will be glad you did!

I. SOURCES TO READ

Click here for a great introduction on Bitcoin by Ben Yu. While this extensive article is a bit dated, it still is a great introduction about Bitcoin. You’ll get a good overview on the financial markets (including a review of the 2008 financial collapse), our economic and banking system.  Ben also explains why Bitcoin is superior to gold.

If you want to go deeper into understanding Bitcoin, then you will want to read The Bitcoin Standard by Saifedean Ammous. You’ll discover the fascinating history of money and why Bitcoin can help societies prosper as they did in the days when gold was the foundation of our monetary system.  Saifedean explains what sound money is and the fundamentals of economic prosperity.  This book will help you understand what money is.

II.  SOURCES TO LISTEN TO

Andreas M. Antonopoulos is a critically-acclaimed author, speaker, educator, and one of the world’s foremost bitcoin and open blockchain experts. This video provides a good introduction about why we need a decentralized currency–a new form of money.  You can find more of his videos on Youtube.

 

Max Keiser and Stacy Herbertknown as the “crypto couple,” were one of the first financial commentators to inform the public about Bitcoin shortly after the first Bitcoin was born in January of 2009.  In Bitcoin: The Genesis (Episode 1) , they interview cutting-edge thinkers to ask them “What is Bitcoin?”  Not only will you hear about different definitions of Bitcoin, you will also be introduced to some of the brightest minds in the space.

Ivan on Tech has a YouTube channel that is fantastic.  He explains Bitcoin and crypto from a programmer’s perspective.  Ivan has a gift for teaching and his energy is amazing.  His videos clearly reflect his depth of knowledge and passion about the space.

III. HOW TO GET STARTED BUYING BITCOIN

One of the easiest ways to get started in buying Bitcoin (BTC) is to use an exchange that allows you to buy Bitcoin by depositing U.S. dollars from your bank account  into an exchange. Coinbase is, in my opinion, the easiest exchange to use.  Coinbase is a digital currency exchange headquartered in the U.S.  They make it easy to buy, sell, and store Bitcoin and other cryptocurrencies. You can start with as little as $100.

You can transfers funds from your bank to the exchange and buy Bitcoin instantly.  Other payment options are to buy with a debit card.  Fees apply and vary depending on which payment method you choose.  Know that you don’t have to buy a whole Bitcoin; you can buy just about any denomination of Bitcoin.

Get $10 of free bitcoin when you buy more than $100 worth through this link.

Another good option you need to know about is ABRA. .

Abra is the only app that allows everyone, everywhere to easily and securely buy, store, and invest in cryptocurrencies.  Abra is an easy way to buy, sell, and exchange between 30 cryptocurrencies. Rather than using exchanges, Abra’s easy and intuitive interface makes it simple for everyone to start investing in cryptocurrencies and they support 50 national currencies.

You can fund your account using bank transfer, credit/debit card and a few cryptocurrencies.  Abra’s all-in-one wallet and exchange makes it easy to buy, sell, and hold crypto from anywhere in the world.

You can use my link to sign up and get $25 in free bitcoin after your first bank/Amex deposit.  In order to get the $25 joining bonus you must do either of the two options within 90 days of signing up:  Deposit a minimum of $5 to your Abra wallet using a US bank account or eligible American Express card  Or Deposit crypto and exchange it to any other asset (except BTC, BCH, ETH, and LTC).

You can easily sign up & get the joining bonus with this ABRA link.

IV. SAFEGUARD YOUR CRYPTOCURRENCY 

After you buy crypto on an exchange, you will want to transfer your cryptocurrency to a hard wallet such as Trezor, Ledger or KeepKey. I personally use KeepKey.  When you transfer your funds from an exchange to a hard wallet, you will have direct ownership of your funds and it will protect you from any possible problems on exchanges such as hackers. Serious investors need to learn about hard wallets.

A hardware wallet is a special type of bitcoin wallet which stores your private keys in a secure hardware device.  Refer to the article above by Ben Yu to learn more about hard wallets and private keys.  And you can also do a YouTube search to find what Ivan on Tech teaches on “how to store your crypto using hard wallets.”  If you don’t own your private keys, you don’t own your cryptocurrency..  Refer to the Finance section to find out more.

In this post, I have introduced you to some of the brightest minds in this space who are passionate about Bitcoin, talented in teaching and enthusiastic about helping people worldwide learn about the world’s first decentralized currency.

Welcome to the Bitcoin (BTC) world!

 

Disclosure: The information presented is for educational purposes only and is not financial advise. Always do your own research before making any investments.  Unlimited Inner Power (UIP) can receive compensation when a product is purchased via links that are shared.